Reference no: EM131204849
The following calendar year-end information is taken from the December 31, 2015, adjusted trial balance and other records of Leone Company. Advertising expense $ 32,500 Depreciation expense—Office equipment 7,500 Depreciation expense—Selling equipment 9,100 Depreciation expense—Factory equipment 38,750 Factory supervision 105,360 Factory supplies used 11,600 Factory utilities 39,900 Direct labor 693,000 Indirect labor 73,000 Miscellaneous production costs 10,900 Office salaries expense 73,450 Raw materials purchases 995,000 Rent expense—Office space 23,200 Rent expense—Selling space 31,500 Rent expense—Factory building 79,600 Maintenance expense—Factory equipment 40,800 Sales 4,612,500 Sales salaries expense 400,560 Required: Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either direct materials, direct labor, or factory overhead and each of the period costs as either selling or general and administrative expenses.
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The applied manufacturing overhead for the year
: Baker Corporation applies manufactured overhead on the basis of direct labor hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $72,160 and 2,200 estimated direct labor ho..
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Distribute films to movie theaters
: Liquidity R Montague and J Capulet distribute films to movie theaters. Following are the current assets for each distributor at the end of the year. (All amounts are in millions of dollars.) Required: As a loan officer for First National Bank of Vero..
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Who works in a state with a credit reduction
: What would the FUTA & SUTA tax be for an employee whose year-to-date earnings prior to the current period are $12,400, who earns $1,500 during the current period, who works in a state with a credit reduction of 0.6%, and whose state imposes a SUTA ta..
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Prepare its schedule of cost of goods manufactured for year
: Preparation of schedule of cost of goods manufactured LO P2 Given the following selected account balances of Delray Mfg. Sales $ 1,250,000 Raw materials inventory, Dec. 31, 2014 37,000 Work in process inventory, Dec. 31, 2014 53,900 Finished goods in..
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Classify each of the costs as either product or period cost
: The following calendar year-end information is taken from the December 31, 2015, adjusted trial balance and other records of Leone Company. Classify each of the costs as either a product or period cost. Then, classify each of the product costs as eit..
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Prepare direct materials budget showing quantity of solvent
: Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East Asia. Three cubic centimeters (cc) of solvent H300 are required to manufacture each unit of Supermix, one of the company’s products. Prepare a direct m..
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Preparation of schedule of cost of goods manufactured
: Preparation of schedule of cost of goods manufactured LO P2 Given the following selected account balances of Delray Mfg. Sales $ 1,168,000 Raw materials inventory, Dec. 31, 2014 42,000 Work in process inventory, Dec. 31, 2014 60,000 Finished goods in..
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What is the budgeted production of the year
: Osprey Cycles, Inc. projected sales of 56,996 bicycles for the year. The estimated January 1 inventory is 5,585 units, and the desired December 31 inventory is 7,461 units. What is the budgeted production (in units) for the year? Favorable or Unfavor..
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Compute the total manufacturing cost
: Manufacturing cost flows LO C5 Compute the total manufacturing cost for a manufacturer with the following information for the month. Raw materials purchased $ 35,200 Raw materials used in production 65,000 Direct labor used 16,400 Factory supervisor ..
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